B&G Foods (NYSE:BGS) Stock Price Up 3.1% – Here’s Why

B&G Foods, Inc. (NYSE:BGS)’s stock price was up 3.1% on Friday . The company traded as high as $7.08 and last traded at $7.12. Approximately 370,479 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,255,701 shares. The stock had previously closed at $6.90.

Analysts Set New Price Targets

Separately, Piper Sandler reduced their price target on B&G Foods from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, B&G Foods has an average rating of “Hold” and a consensus target price of $8.10.

B&G Foods Stock Up 2.7 %

The company has a current ratio of 1.64, a quick ratio of 0.49 and a debt-to-equity ratio of 2.40. The firm has a market cap of $560.69 million, a price-to-earnings ratio of -20.84 and a beta of 0.47. The firm has a 50-day moving average of $6.64 and a two-hundred day moving average of $7.35.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.01. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The business had revenue of $551.57 million during the quarter, compared to analysts’ expectations of $547.95 million. As a group, sell-side analysts predict that B&G Foods, Inc. will post 0.7 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be given a dividend of $0.19 per share. The ex-dividend date is Monday, March 31st. This represents a $0.76 annualized dividend and a dividend yield of 10.73%. B&G Foods’s dividend payout ratio is presently -23.90%.

Hedge Funds Weigh In On B&G Foods

Several large investors have recently made changes to their positions in the business. Dana Investment Advisors Inc. increased its stake in B&G Foods by 20.3% during the fourth quarter. Dana Investment Advisors Inc. now owns 764,745 shares of the company’s stock valued at $5,269,000 after acquiring an additional 129,202 shares during the period. Barclays PLC increased its stake in B&G Foods by 310.1% during the third quarter. Barclays PLC now owns 130,693 shares of the company’s stock valued at $1,160,000 after acquiring an additional 98,824 shares during the period. Verition Fund Management LLC increased its stake in B&G Foods by 3,480.9% during the third quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock valued at $3,369,000 after acquiring an additional 368,799 shares during the period. Wedge Capital Management L L P NC bought a new position in B&G Foods during the fourth quarter valued at about $857,000. Finally, Principal Financial Group Inc. increased its stake in B&G Foods by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 383,814 shares of the company’s stock valued at $2,644,000 after acquiring an additional 10,742 shares during the period. Institutional investors and hedge funds own 66.15% of the company’s stock.

About B&G Foods

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., Canada, and Puerto Rico. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, and wine vinegar.